KYC2020 recognized the current short comings of the existing KYC list screening offerings in the marketplace. In many cases, the offerings in the marketplace created a tug of war between the cost of compliance over risk of non-compliance as it relates to being a profitable business. These costs are usually related to over developed AML tools by the incumbents that were too complicated for many businesses to use even at the exorbitant pricing. Never mind the many add-ons and features that were never being used. The emergence of KYC2020 as a stand-alone product/service was driven by the compliance needs of many online money services businesses and grew from there.
KYC2020’s mission is to be the single source for checking lists for KYC, AML, PEP, and CFT due diligence. We aggregate, consolidate, and standardize global data sources to handle the wide ranging Know Your Customer rules and regulations regimes around the world. Sources include sanction lists, regulatory enforcement lists, watch lists, PEP lists, criminal lists, and open government data lists. With our sophisticated search and scoring engine compliance officers are able to screen against any and all these lists to ensure their Risked Based approach meets, and even exceeds the regulators requirements for their specific regions and segments of business.
Data Integrity matters
KYC2020 is now trusted by many AML and compliance professionals worldwide from Financial Services, Money Service Business, FX brokerage, and charities. All looking for the most comprehensive lists available to apply to their unique Risk Based Approach. KYC2020 provides access to these lists through its online portal, batch interface, and extensive API’s. Data Integrity is the single most important aspect of ensuring that our customers have the latest information available at their fingertips.
One of the biggest pain points and challenges with KYC list screening is that it invariably requires human/manual labor because of the number of false positives that are produced in the search process, no matter how sophisticated. This is due to several reasons… starting with lack of global standards in maintaining lists, variability in information stored from country to country and city to city, lists that are maintained in different languages and must be translated, name phonetics in different languages, and so forth. KYC2020 is investing heavily and developing a proprietary Screening Methodology that, greatly reduces the number of false positives in a system, smart filtering rules to greatly reduce the time for manual screening, and the use of AI concepts for self-learning for improved scoring.